Open Solutions Inc., Glastonbury
Mars, Pa.-based Mars National Bank has recently selected Glastonbury-based Open Solutions Inc.’s “The Complete Banking Solution,” a relational core data processing platform for community banks, to address its enterprise-wide data processing needs. Mars National Bank has more than $280 million in assets, five branches and approximately 30,000 customers. Open Solutions is a provider of integrated enabling technologies for financial service providers throughout the United States, Canada and international markets.
“Open Solutions built an advanced open technology platform that offers the flexibility, business functionality and third-party integration capabilities we were looking for from a core provider,” said Todd Cover, executive vice president and chief operating officer of Mars National Bank. “We need an open architecture system that we can grow into and that provides us the ability to add new products and services to remain competitive in our market.
“Another advantage of Open Solutions’ ‘The Complete Banking Solution’ is the front-end and back-end standardization it offers. It operates in real time and will create efficiencies and streamline operations throughout the bank. We also hope to enhance some of our existing products with the capabilities offered by the core platform and the cView business intelligence suite.”
Hudson City Keeps Growing
Hudson City Bancorp, the largest savings bank based in New Jersey and the third-largest thrift in the country, which has a presence in Connecticut, continues to grow at a rapid pace.
Capitalizing on a successful strategy of expanding its footprint from its home base in New Jersey to contiguous high-potential growth markets, Hudson City’s total assets have grown from $11.4 billion in December 2001 to more than $33 billion in September 2006. Its deposits per branch ($116 million as of September) dwarf the national average of Federal Deposit Insurance Corp.-insured institutions ($64 million), and its market share in New Jersey continues its upward trajectory.
According to a recent news report, “FDIC data showed Hudson City Savings Bank was among the biggest local market-share gainers.”
Officials said Hudson City embarked on its winning growth strategy in 2004 and since then has increased its number of branches by 37 percent, from 81 branches in 2004 to 111 branches in 2006.
Earlier this year, Hudson City announced the acquisition of Sound Federal Savings Bank. The combination provided the bank with an opportunity to expand its franchise into Westchester County with eight branches, Fairfield County with four branches, and Rockland and Putnam counties with one branch apiece.
Those four markets in New York and Connecticut are very similar to the existing markets of Hudson City in Bergen and Morris counties in New Jersey and Suffolk County in New York – all considered among the nation’s top 50 markets in median household income.
Furthermore, on Dec. 16, Hudson City celebrated the opening of its 111th office by opening its flagship branch on Staten Island, N.Y. The new branch is located at 4106 Hylan Blvd. in the Great Kills section of Staten Island. It marks Hudson City’s fourth branch opening in that market since making its debut there in August 2005.
There are currently nine more branch openings anticipated in 2007, with Connecticut branches slated to open in Monroe and Fairfield. Other locations are planned for White Plains, Greenport, Center Moriches and East Hampton, all in New York, and Kendall Park, Old Bridge and Aberdeen in New Jersey.
